Indian Steel imports down significantly by 20% y/y during April to January FY 2016

India’s steel imports down significantly by 20% year-on-year during the first ten months of fiscal year 2016.

India imported steel worth Rs 36,073 crore in the first 10 months of this fiscal against almost Rs 44,893 crore in 2014-15, Parliament was informed.

India witnessed about 75 per cent year-on-year rise in imports of total steel (alloy + non-alloy) in 2014-15 and about 24 per cent increase during April-January period of 2015-16, Steel and Mines Minister Narendra Singh Tomar told Rajya Sabha in a written reply.

“The jump in imports is, however, largely on account of global steel glut. Due to this reason, steel is being exported by China and other countries, often at below cost of production,” he added.